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stockmountie 10-18-2012 07:36 AM

Discovery Ventures Inc. (DVN.V) Signs a Letter of Intent to Acquire the Willa Gold De
 
Discovery Ventures Inc. (DVN.V) Signs a Letter of Intent to Acquire the Willa Gold Deposit



VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 18, 2012) - Discovery Ventures Inc. ("Discovery", "DVN" or the "Company") (TSX VENTURE:DVN) is pleased to announce it has signed a Letter of Intent to enter into negotiations and to complete technical due diligence with the intent of acquiring up to 80% interest in the mineral claims located in the Slocan Mining District of British Columbia known as the Willa Deposit. The mineral property consists of 5,328 Hectares and is located south of the town of Silverton B.C.

The deposit has been extensively explored and developed to by several operators including Noranda, Rio Algom, BP Minerals, Bethlehem Resources Corp. Northair Mines Ltd. and Hudson Bay Mining & Smelting. An extensive data base is under review which covers work that includes 596 drill holes totalling 189,000 feet (57,250 meters) of core drilling and 8500 feet (2,575 meters) of underground workings, extensive geophysics and sampling consisting of 17,150 analyses for Au, Cu, and Ag.

The Willa deposit is primarily identified as a sub-volcanic breccia-hosted type deposit (L01, B.C. Mineral Deposit Profiles). A sub-volcanic intrusive is located near or above a porphyry hydrothermal system. This creates a pyrite and silica-rich mineralized stockwork breccia closely spaced to sheeted veins with local massive to disseminated replacement zones. The mineralization is usually polymetallic (Cu-Ag-Au [As-Sb]).

This Letter of Intent will serve as the basis for negotiating a definitive agreement. Company President Akash Patel comments that "We believe the Willa Project will offer Discovery Ventures shareholders significant value in today's exciting gold market".

The agreement may be effected in one of several different ways, most likely an option to acquire the Claims by Discovery Ventures Inc. from 0951719 B.C. Ltd. The parties will jointly determine the optimum structure for the Transaction in order to best satisfy regulatory and other considerations, including mutually agreed upon performance based milestones.The agreement purchase payable by Discovery to 0951719 B.C. Ltd. shall consist of an agreed upon consideration by both parties. The closing conditions will include the completion of a National Instrument 43-101 compliant technical report on the Willa Property and subsequent approval by the Exchange. The due diligence period shall be a maximum of thirty days.

About Discovery Ventures Inc.

Shares issued: 23,641,749

Discovery Ventures' mission is to explore for and develop gold, silver, and copper mineral deposits in the province of British Columbia, Canada. The Company is currently focused on three core assets including the Redbird/Rabbitt claims located in southern British Columbia in the Similkameen Mining Division; The Bralorne claims located in southern British Columbia in the Lillooet Mining Division who's mining camp historic gold production totalled 4.15 million ounces of gold from 52 separate veins; and the Big Creek property located approximately 47 kilometres north east of the Taseko Mines Prosperity Porphyry copper deposit.

If you would like to be added to Discovery's news distribution list, please send your email address to info@discoveryventuresinc.com or visit our website located at www.discoveryventuresinc.com.

ON BEHALF OF THE BOARD

AKASH PATEL, President

SmartStocks 10-18-2012 12:55 PM

Here's a video that came out covering this release: http://bit.ly/REuWzL

Message from the president via this news release I found interesting: "We believe the Willa Project will offer Discovery Ventures shareholders significant value in today's exciting gold market."

SmartStocks 10-24-2012 04:46 PM

Discovery Ventures Inc. Announces the Exercise of 3,399,331 Warrants for $679,866
 
Source: http://bit.ly/VppXUG

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2012) - Discovery Ventures Inc. ("Discovery", "DVN" or the "Company") (DVN.V) wishes to announce that it has received proceeds of $ 679,866 upon the exercise of 3,399,331 warrants due on or before October 15, 2012.

President of the Company Akash Patel states, "These funds will be added to strengthen our current financial position. Exercising these warrants has allowed Discovery to raise capital without entering into a Private Placement and will help Discovery acquire additional opportunities in the near future. We are pleased that all of the Company's outstanding warrants have now been exercised or expired."

About Discovery Ventures Inc. Shares issued: 23,641,749

Discovery Ventures' mission is to explore for and develop gold, silver, and copper mineral deposits in the province of British Columbia, Canada. The Company is currently focused on three core assets including the Redbird/Rabbitt claims located in southern British Columbia in the Similkameen Mining Division; The Bralorne claims located in southern British Columbia in the Lillooet Mining Division who's mining camp historic gold production totalled 4.15 million ounces of gold from 52 separate veins; and the Big Creek property located approximately 47 kilometres north east of the Taseko Mines Prosperity Porphyry copper deposit.

If you would like to be added to Discovery's news distribution list, please send your email address to info@discoveryventuresinc.com or visit our website located at www.discoveryventuresinc.com.

This press release contains projections and forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Discovery such as the statement that the closing of the Agreement may occur and that the option may be exercised. There are numerous risks and uncertainties that could cause actual results and Discovery's plans and objectives to differ materially from those expressed in the forward-looking information, including the inability to obtain exchange approval or inability to close the agreement for any reason. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice.

Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.

Contact:
Discovery Ventures Inc.
Akash Patel
President
1-604-818-1706
www.discoveryventuresinc.com

stockmountie 10-24-2012 09:58 PM

DISCOVERY VENTURES INC.(DVN.V) ANNOUNCES THE EXERCISE OF 3,399,331 WARRANTS FOR $679,
 
DISCOVERY VENTURES INC.(DVN.V) ANNOUNCES THE EXERCISE OF 3,399,331 WARRANTS FOR $679,866


VANCOUVER -- Discovery Ventures Inc. ("Discovery", "DVN" or the "Company") (TSX VENTURE: DVN) wishes to announce that it has received proceeds of $ 679,866 upon the exercise of 3,399,331 warrants due on or before October 15, 2012.

President of the Company Akash Patel states, "These funds will be added to strengthen our current financial position. Exercising these warrants has allowed Discovery to raise capital without entering into a Private Placement and will help Discovery acquire additional opportunities in the near future. We are pleased that all of the Company's outstanding warrants have now been exercised or expired."


About Discovery Ventures Inc. Shares issued: 23,641,749
Discovery Ventures' mission is to explore for and develop gold, silver, and copper mineral deposits in the province of British Columbia, Canada. The Company is currently focused on three core assets including the Redbird/Rabbitt claims located in southern British Columbia in the Similkameen Mining Division; The Bralorne claims located in southern British Columbia in the Lillooet Mining Division who's mining camp historic gold production totalled 4.15 million ounces of gold from 52 separate veins; and the Big Creek property located approximately 47 kilometres north east of the Taseko Mines Prosperity Porphyry copper deposit.
If you would like to be added to Discovery's news distribution list, please send your email address to info@discoveryventuresinc.com or visit our website located at www.discoveryventuresinc.com.

SmartStocks 11-02-2012 03:47 PM

Discovery Ventures Inc. Announces The Hiring Of An Independent Consulting Engineer

Source: http://bit.ly/RAVwJp

VANCOUVER -- Discovery Ventures Inc. ("Discovery", "DVN" or the "Company") (TSX VENTURE: DVN) wishes to announce that it has hired an independent consulting Engineer, Wayne Ash, PEng, to conduct a full site survey of the Willa Mining project located in the Slocan Valley Mining district of British Columbia. Mr. Ash will also complete a NI 43-101 Technical report as part of his consulting agreement.

Mr. Ash accompanied Discovery Ventures Inc. personnel to the mine site for the week of October 22nd to October 27th to walk the property and assess the mine workings. He will keep the company apprised of all advancements made on the property.

The Willa project is located in one of the most highly mineralized regions of British Columbia for both base and precious metals. Since the early 1890's the Slocan mining region has hosted more than 20 mining/milling operations and some 200 additional mines that have shipped ore to custom mills and smelters. The mine workings consist of two adit levels and one internal level with two declines and two raises connecting the levels. The main 1025 level runs for 900 meters and is equipped with 60lb rail.

The Willa deposit is located 8km south of Silverton on Red Mountain Road, named as a result of extensive red soils resulting from weathering of sulphide minerals in the local bedrock. Regional geology has the Willa situated in the southern portion of the Selkirk Mountains, within the highly-mineralized Omineca Crystalline Belt, consisting of Paleozoic and Mesozoic volcanic, sedimentary and plutonic rocks.

Total exploration expenditure on the Willa project is in excess of $15 million to date.

President of the Company Akash Patel states, "Discovery is very excited about this project and the past development work getting this deposit ready for the next step. There has been a lot of work completed to get the property to its current state. With mining exploration and development cost's rising, the $15 Million dollars of work completed over the past number of years would be increased substantially with today's exploration and development costs."


About Discovery Ventures Inc. Shares issued: 23,641,749
Discovery Ventures' mission is to explore for and develop gold, silver, and copper mineral deposits in the province of British Columbia, Canada. The Company is currently focused on three core assets including the Redbird/Rabbitt claims located in southern British Columbia in the Similkameen Mining Division; The Bralorne claims located in southern British Columbia in the Lillooet Mining Division who's mining camp historic gold production totalled 4.15 million ounces of gold from 52 separate veins; and the Big Creek property located approximately 47 kilometres north east of the Taseko Mines Prosperity Porphyry copper deposit.
If you would like to be added to Discovery's news distribution list, please send your email address to info@discoveryventuresinc.com or visit our website located at www.discoveryventuresinc.com.

AKASH PATEL, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-818-1706

This press release contains projections and forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Discovery such as the statement that the closing of the Agreement may occur and that the option may be exercised. There are numerous risks and uncertainties that could cause actual results and Discovery's plans and objectives to differ materially from those expressed in the forward-looking information, including the inability to obtain exchange approval or inability to close the agreement for any reason. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice.

Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.

stockmountie 11-19-2012 07:48 AM

Discovery Ventures Inc.(DVN.V) Enters Into a Definitive Agreement to Acquire the Will
 
Discovery Ventures Inc.(DVN.V) Enters Into a Definitive Agreement to Acquire the Willa Gold Deposit



VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 19, 2012) - Discovery Ventures Inc. ("Discovery", "DVN" or the "Company") (TSX VENTURE:DVN) wishes to announce that further to its news release of October 18, 2012, it has entered into a definitive option agreement (the "Option Agreement") with 0951719 B.C. Ltd (the "Optionor") to acquire up to an 80% interest in the Willa property, consisting of 5,328 hectares located in the Slocan Mining Division, British Columbia, south of the town of Silverton B.C. (the "Property"), subject to the Optionor's underlying option agreement with and a 2.5% NSR in favour of the registered owners (the "Option").

Pursuant to the Option Agreement, the Company may exercise the Option by providing written notice of its intent to exercise the Option after making certain payments and share issuances to the Optionor and incurring work expenditures on the Property as follows:
i.upon execution of the Option Agreement: paying $50,000;
ii.within 5 business days of receiving approval of the transaction by the TSX Venture Exchange ("TSXV Approval"): paying $150,000 and issuing 1,000,000 shares;
iii.on or before the 1st anniversary of receiving TSXV Approval: paying $350,000, issuing 4,000,000 shares and incurring $500,000 of work on the Property;
iv.on or before the 2nd anniversary of receiving TSXV Approval: paying $1,000,000, issuing 6,000,000 shares and incurring $500,000 of work on the Property;
v.on or before the 3rd anniversary of receiving TSXV Approval: paying $1,450,000, issuing 7,000,000 shares and incurring $500,000 of work on the Property.

Once the Company has exercised the Option, it has a right of first refusal to purchase the remaining 20% interest held by the Optionor at fair market value, thus giving the Company a 100% interest in the Willa project.

If in the event there is a sale of mineralized material from the Property prior to the exercise of the Option, the net proceeds, subject to the 2.5% NSR, shall be divided between equally between the Company and the Optionor. After the exercise of the Option, the net proceeds, subject to the 2.5% NSR, shall be divided according to the parties' respective interests.

Since the early 1890's the Slocan mining region has hosted more than 20 mining/milling operations and some 200 additional mines that have shipped ore to custom mills and smelters.

The mineral property consists of 5,328 hectares located 8 kms south of the town of Silverton, B.C.. It is strategically located in one of the most highly mineralized regions of British Columbia for both base and precious metals. The Willa Deposit is situated in the southern portion of the Selkirk Mountains, within the highly metallised Omineca Crystalline Belt, consisting of Paleozoic and Mesozoic volcanic, sedimentary and plutonic rocks.

Completed underground mine workings consist of two adit levels, an internal level with two declines and two raises connecting the levels. The main haulage level (1025) runs for 900 meters and is equipped with 60lb rail.

Cumulative historical exploration expenditures on the Willa project exceed $15 million. These expenditures were incurred by several operators, including Noranda, Rio Algom, BP Minerals, Bethlehem Resources Corp., Northair Mines Ltd. and Hudson Bay Mining & Smelting. Work completed includes 596 drill holes totalling 189,000 feet (57,250 metres) of core drilling and 8,500 feet (2,575 metres) of underground workings, extensive geophysics and sampling consisting of 17,150 analyses for gold, copper and silver. A pre-feasibility study and a 550 tonne metallurgical bulk sample were completed in 2004.

The Companies that conducted the previous exploration and development programs ensured that all work was compiled and archived to the highest standard. The database has been preserved, is fully intact, and has been extensively reviewed by Discovery and its geotechnical team. A NI 43-101 historical resource calculation was completed on the Willa Deposit in 2005, as reported by David Makepeace PEng. This resource used a 3.5 g Au/mt cut-off grade and only considered measured and indicated categories. The resource is as follows:

2005 Technical Report (grade cut-off 3.5 g Au/mt):


Category

Metric tons

Gold (g/mt)

Copper (%)

Silver (g/mt)


Measured

495,784

7.18

0.94

12.16


Indicated

292,467

5.71

0.67

13.26


TOTAL

788,251

6.63

0.84

12.57


In 2003 a NI 43-101 resource was completed by Geospectrum Engineering (David Makepeace PEng.) and is presented for comparative purposes. Other than the 2005 presented resource, there are no current compliant resources in the project. The 2005 and the 2003 resource estimates are considered to be "Historic Resources" as they have not been confirmed or updated to meet a current NI 43-101 standard.

Discovery Ventures is not treating any of the 2005 and 2003 estimates as a current NI 43-101-compliant resource. The Company has not yet undertaken the work necessary to have the historical 2005 and 2003 estimates verified by a Qualified Person. All other "reserves" and "resources" described and documented by previous operators are considered to be "Historic Resources" under NI 43-101. The properties will require future exploration and verification to convert "Historic Resources" into current NI 43-101-compliant resources, which the Company intends to carry out in due course. The historical estimates should not be relied upon.

Of critical importance is that the geologic logging, drill hole surveying, drill hole and underground assaying, or any of the metallurgical testing on the deposit was not verified during the recent site visit by the Company's Qualified Person. Thus, these 2003 "resource summaries" are not relevant or reliable and presently only qualify under NI 43-101 Technical Report guidelines as "Historic Resources."

Resource figures based upon the Makepeace March 2003 Report, are as follows:

2003 Technical Report (grade cut-off 3.5 g Au/mt):


Category

Metric tons

Gold (g/mt)

Copper (%)

Silver (g/mt)


Measured

487,989

6.77

0.97

11.59


Indicated

292,457

5.31

0.65

11.94


TOTAL

780,446

6.22

0.85

11.72


2003 Technical Report (grade cut-off 2.5 g Au/mt):


Category

Metric tons

Gold (g/mt)

Copper (%)

Silver (g/mt)


Measured

792,744

5.30

0.83

9.95


Indicated

591,765

4.11

0.62

9.79


TOTAL

1,384,509

4.79

0.74

9.88


2003 Technical Report (grade cut-off 1.5 g Au/mt):


Category

Metric tons

Gold (g/mt)

Copper (%)

Silver (g/mt)


Measured

1,364,879

3.89

0.68

8.80


Indicated

1,316,763

2.91

0.51

7.05


TOTAL

2,681,642

3.41

0.60

7.94


The Resource estimates (Makepeace, 2003) were made with Surpac software, with:
•Cut-offs of 1.5g/t, 2.5 g/t and 3.5g/t gold

•Rock bulk density of 2.9 t/m3

•Capping of erratically high gold assays to 34.3 g/t


The 2003 estimates were based upon a database including data from 556 core holes totalling 50,890m, 2,570m of underground workings and 17,150 analyses for Au, Cu, and Ag.

President of the company Akash Patel stated: "Discovery is very excited about the opportunity to develop a project with the past developments including a NI 43-101 resource with a measured component. This resource along with the previous exploration expenditures in excess of $15 million will be the foundation on which to build the next phases of mine development."

Discovery Ventures' mission is to explore for and develop gold, silver, and copper mineral deposits in the Province of British Columbia, Canada. Along with the Willa deposit, the Company is also developing three other mineral projects including the Redbird/Rabbitt claims located in southern British Columbia in the Similkameen Mining Division; the Bralorne claims located in southern British Columbia in the Lillooet Mining Division who's mining camp historic gold production totalled 4.15 million ounces

stockmountie 11-26-2012 07:13 AM

Discovery Ventures Inc (DVN.V). Announces the Appointment of Walter Marting as a Dire
 
Discovery Ventures Inc (DVN.V). Announces the Appointment of Walter Marting as a Director



VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 26, 2012) - Discovery Ventures Inc. ("Discovery", "DVN" or the "Company") (TSX VENTURE:DVN) wishes to announce the appointment of Walter (Del) Marting, Jr. as a Director of the Company.

Mr. Marting brings 35 years of experience in mining and mine development to the Company. He obtained his BA from Yale University in 1969, was a member of the Military: US Navy SEAL Team Two Little Creek, VA, LTJG Platoon Officer between 1970 - 1973, and obtained his MBA from Harvard Business School in 1975.

From 1975 - 1977 he held the position of Production Supervisor at Climax Molybdenum Company, Leadville, CO., a division of Amax, Inc., (now part Freeport McMoran, following Cyprus and Phelps Dodge acquisitions). His responsibilities included supervision of underground and open pit mining at the world's largest primary molybdenum producing property. He also had responsibility for production crews and administrative functions involving production planning, budgeting and union negotiations at a facility that employed 1,200 miners, produced 60 million pounds annually of molybdenum and copper byproducts and had annual revenues of $180 million.

From 1977 - 1982 he held the position of Director of Planning at Amax, Inc., Greenwich CT. where he was responsible for operations at Amax's existing worldwide molybdenum properties, and where he was additionally responsible for all strategic planning related to acquisitions and prospective acquisitions of exploration projects. He played an integral role in the planning and permitting of the technically complex Mt. Emmons molybdenum property in Crested Butte, CO. His duties also included the supervision of Amax's annual budget and production planning at two Colorado properties, the Climax Mine and the Henderson Mine. Amex's molybdenum division had annual revenues of $250 million and employed over 5,000 people worldwide.

From 1982 - 1984 Mr. Marting was Vice President of Finance and Administration of Amax's European subsidiary, located in Paris, France. He was responsible for all financial, treasury, accounting, control and administrative functions. Operations included production facilities in Holland, UK and Italy with sales and exploration offices in Germany, Sweden, and Africa. Total sector staffing exceeded 1,200 people.

From 1984-1986 Mr. Marting was President and CEO of the Lucky Chance Mining Company, a Reno, Nevada based gold and silver mining company with properties located in California, Nevada and Arizona. The Company successfully reopened and restarted production facilities at the famed 16-1 mine in Allegheny, CA. This property dates back to California's original gold rush period and was noted for its very high-grade ore - 1.0 au ounce/ton - and for the specimen quality of its gold ore. The mine was eventually sold to Transwestern Mining Co., a subsidiary of New Mexico Power of Albuquerque, NM.

From 1986 - 1992 Mr. Marting was a Principal with L.J. Kaufman and Co, an investment banking firm located in Los Angeles, CA. His primary focus was on venture capital funding of private, early stage companies in aviation and health care.

From 1992 - Present, Mr. Marting is a Principal and Founder of M and M Advisors, Inc., a privately held company located in Reno, Nevada that provides investment banking and financial advisory services to early stage companies in the Western USA.

The Company's President, Mr. Akash Patel states:

"Discovery Ventures is privileged that Mr. Marting, a person with such vast knowledge and experience, has accepted the appointment as a director of the Company. We are very pleased that he has agreed to work with the Company to develop its portfolio of properties."

AKASH PATEL, President

This press release contains projections and forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Discovery such as the statement that the closing of the Agreement may occur and that the option may be exercised. There are numerous risks and uncertainties that could cause actual results and Discovery's plans and objectives to differ materially from those expressed in the forward-looking information, including the inability to obtain exchange approval or inability to close the agreement for any reason. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice.

About Discovery Ventures Inc.

Shares issued: 23,641,749

Discovery Ventures' mission is to explore for and develop gold, silver, and copper mineral deposits in the province of British Columbia, Canada. The Company is currently focused on four core assets including the Willa deposit located 8km south of Silverton in the Slocan mining region; Redbird/Rabbitt claims located in southern British Columbia in the Similkameen Mining Division; The Bralorne claims located in southern British Columbia in the Lillooet Mining Division who's mining camp historic gold production totalled 4.15 million ounces of gold from 52 separate veins; and the Big Creek property located approximately 47 kilometres north east of the Taseko Mines Prosperity Porphyry copper deposit.

stockmountie 12-03-2012 09:46 AM

Discovery Ventures Inc. (DVN.V) Announces Increase to Its Offering
 
Discovery Ventures Inc. Announces Increase to Its Offering



VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 3, 2012) - Discovery Ventures Inc. ("Discovery" or the "Company") (TSX VENTURE:DVN) The Company is also pleased to announce that due to high interest in its private placement, it is increasing the amount offered from the original 8,000,000 units to up to 8,818,000 units. The price of $0.25 per unit and other terms of the offering will remain the same with each unit comprising of one common share and one share purchase warrant with an exercise term of 5 years along the pricing schedule as indicated above. As with the original offering, a finder's fee of a combination of cash, shares and/or warrants will be paid to eligible finders in relation to this financing, all in accordance with regulatory policies. The increase in the private placement is subject to approval by the TSX Venture Exchange. The Company intends to use the proceeds of the offering towards general working capital and its exploration projects.

SmartStocks 12-03-2012 12:51 PM

das

stockmountie 12-05-2012 07:49 AM

Discovery Ventures (DVN.V) Announces Further Increase to Its Offering
 
Discovery Ventures (DVN.V) Announces Further Increase to Its Offering



VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 5, 2012) - Discovery Ventures Inc. ("Discovery" or the "Company") (TSX VENTURE:DVN) The Company is pleased to announce that due to high interest in its private placement, it is further increasing the amount offered from the increased amount announced December 3rd of up to 8,818,000 units to up to 9,568,000 units effective December 4, 2012. The price of $0.25 per unit and other terms of the offering will remain the same with each unit comprising of one common share and one share purchase warrant with an exercise term of 5 years along the pricing schedule as indicated below. As with the original offering, a finder's fee of a combination of cash, shares and/or warrants may be paid to eligible finders in relation to this financing, all in accordance with regulatory policies. The increase in the private placement is subject to approval by the TSX Venture Exchange. The Company intends to use the proceeds of the offering towards general working capital and its exploration projects.

The Company further wishes to announce that it has closed the 1st tranche of the private placement consisting of 7,108,000 units for an aggregate gross raised amount of $1,777,000. The Company's news release of November 26, 2012 announced the original offering of up to 8,000,000 units at $0.25 per unit, where each unit consists of one common share of the Company and one share purchase warrant with a 5 year term at the exercise price of $0.35 per common share in the first year, $0.40 per common share in the second year and $0.45 per common share from the third to fifth year. The hold period expiry date in respect of the shares comprising the units and the shares issued upon exercise of the shares purchase warrants related to the 1st tranche is April 1, 2013. In connection with the closing of the 1st tranche, finders received an aggregate of $165,650 and 622,600 compensation warrants.


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